Alicia Munnell, SmartMoney Blogs

This is as good a time as any to fix Social Security’s financing problems. In fact, Congress’s decision to allow the 2-percentage-point reduction in the payroll tax to expire as part of the fiscal cliff negotiations clears the path for restoring full solvency. Of course, Social Security has not contributed to the deficit in the past and technically cannot in the future because, by law, expenditures cannot exceed earmarked revenues. But Social Security’s promised benefits exceed scheduled taxes, creating a financing shortfall that needs to be fixed.

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